#52: Building a Portfolio of 48 Units While Earning A Median Salary (and Ultimately Quitting His Job!) with Mike Heldstab

Great episode this week for those who are looking to build a portfolio of small-midsize multifamily properties! In this episode, I interview Mike Heldstab, who built a 48-unit portfolio while working a predictable, government job. f you are looking to build a portfolio while working your W2 job, you need to listen to this episode - Mike shares a lot of practical tips to find off-market deals, and create great relationships with local banks, as well as advice on self-managing a rental portfolio.

Struggling to find good multifamily deals? Looking to close deals with less of your own money? Want to operate like the pros and maximize the cash flow of your assets? Join The Multifamily Wealth Community, where we help multifamily investors start, build, and scale their businesses… specifically, those looking to grow from 1-10 units to 250+ units.

Are you looking to invest in real estate but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners partners with passive investors looking for the returns, stability, and tax benefits investing in real estate offers, but not the work - join our investor club to be notified of future investment opportunities.

Show Notes:

2:50 Mike shares his background and how he initially ventured into real estate investing.

5:33 Mike talks about his first real estate deal and the key takeaways that he learned through the process.

7:50 We discuss how Mike scaled his real estate business after his first deal and what drove him to buy more rental properties.

10:48 Mike discusses what his business looks like currently and what he is doing to expand his business even in today's market.

18:40 We discuss how to build relationships with local banks to secure great financing options for smaller multifamily deals.

21:52 Mike shares his standard business plan that he uses for most of his deals.

25:02 Mike talks about the tips he would give to anyone who wants to self-manage their own rental properties.

28:20 Mike shares a piece of advice that he would give to himself before starting his real estate career.

29:40 Mike discusses his biggest business-related failure and what he learned from it.

32:22 Mike shares the best decision he has made in his real estate career

34:25 Mike goes over one skill/trait that he attributes his success to.

CONNECT WITH MIKE:

https://www.instagram.com/theheldstab/?hl=en

https://www.linkedin.com/in/mikeheldstab/

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